Riverview Lutheran Rest Home Inc is committed to providing quality residential care and services for aged and disabled people.

The Australian Government provides subsidies for a range of aged care costs, with all Australians expected to contribute towards the cost of their care if they are able to do so. The subsidy system is also structured to ensure that all Australians, regardless of their means are able to access the care they require regardless of their financial situation.

Residential Aged Care fees are made up of the following components:

a basic daily fee (85% of the single person rate of the basic age pension currently $50.66 or $709.24 per fortnight)

a means-tested care fee (if your combined income and assets are over a certain amount)

accommodation costs (you may be eligible for assistance with your accommodation costs)

If you do not complete an income and assets assessment, you will not be eligible for any Australian Government assistance towards your care or accommodation costs.

Here at Riverview, we have a range of accommodation styles in our Edwards Residential Aged Care wing, with rooms priced at $250,000, $350,000 and $400,000. All rooms in our new Traeger Memory Support Unit are priced at $ 400,000. These prices are the maximum accommodation charges a resident could expect to pay at Riverview, and if paid as a lump sum on entry (Refundable Accommodation Deposit RAD), will be refunded in full when a resident leaves Riverview, unless they choose to use it to meet other residential care costs.

The amount you can be asked to pay for your accommodation is based on your income and assets, and will be one of the following:

No accommodation costs: if your income and assets are below a certain amount, the Australian Government will pay your accommodation costs.

An ‘accommodation contribution’: if you need to pay for part of your accommodation, the Australian Government will pay the rest.

An ‘accommodation payment’: if you need to pay for the full cost of your accommodation.

The Department of Human Services will advise which applies to you.

If you have been asked to make an accommodation contribution, the amount will be advised by the Department of Human Services and you can choose to pay:

a lump-sum ‘refundable accommodation contribution’ (RAC)

rental-style payments called a ‘daily accommodation contribution’ (DAC) or

a combination of both.

If you do not qualify for Government assistance you can choose to pay:

a lump-sum ‘refundable accommodation deposit’ (RAD)

rental-style payments called a ‘daily accommodation payment’ (DAP) or

a combination of both.

You have 28 days from the day you move into Riverview to decide which payment method you prefer.
You must pay your accommodation costs by the rental-style payment method until you decide on how you want to pay for your accommodation.

Example:

Room Type

Standard

Silver

Gold

Maximum Refundable Accommodation Deposit (RAD)

$250,000

$350,000

$400,000

Or: Maximum daily accommodation payment (DAP)

$40.82

$57.15

$65.32

Or: Combination
Lump Sum paid on entry
Plus Daily payment

25%
75%

(RAD)
(DAP)

$62,500
$30.62

$87,500
$42.86

$100,000
$48.99

Or: Combination
Lump Sum paid on entry
Plus Daily payment

50%
50%

(RAD)
(DAP)

$125,000
$20.41

$175,000
$28.58

$200,000
$32.66

Or: Combination
Lump Sum paid on entry
Plus Daily payment

75%
25%

(RAD)
(DAP)

$187,500
$10.21

$262,500
$14.29

$300,000
$16.33

The Australian Government adjusts the interest rate on which these figures have been calculated every three months.
The Daily Accommodation Payment figures quoted in this example have been calculated using a rate of 5.96% and are valid until 31st December 2018